Sometimes a side hustle is just a side hustle, I can respect that. But what if you want to take that hustle to the next level and build a real business? Maybe even one that you can sell one day. Is now the time to take it to the next level? Here are my top tips for leveling up your side hustle.
Check your business structure
When you were just starting your side hustle, you probably didn’t spend a lot of time thinking about things like business tax structure. If you’re ready to take things to the next level, you need to put in the work now make sure you are set up best for your future success. Avoiding a mistake early can save you tens of thousands of dollars. If you’re unsure what’s best for your business, it is something worth talking to a lawyer or professional accountant about. A little money spent now could save you a lot in tax liability later.
Focus on what’s working already
If you’re thinking of going bigger, it’s sometimes easy to get caught up spending your time and money trying to develop new revenue streams, new customers, and new markets. That’s not always the best strategy when you’re trying to level up. Focus on what made your side hustle successful in the first place. Improve your core product and customer experience and hit your core audience even harder with the marketing and messaging you’ve used before, that you know converts.
Document and tighten up processes
If you’re going to to scale, you’re going to have to start handing off tasks to employees. You want that work done to your standards, and that means you need to have those standards written down. If you haven’t already, start documenting your processes. Make checklists for important work so it gets done right every time. As you’re documenting, it’s a great time to rethink any processes that are clunky or not working. Focus on efficiency and simplifying things to the point that they can eventually be handed off.
Build your network
Your network, all the people you know, is so important. I wish someone had emphasized that to me in the very beginning, when I was just starting my agency. Your network is what your young business is going to rely on to get sales, capital, mentorship, your first employees, and more. You should always be expanding it and meeting new people. Don’t turn down an opportunity that would be good for growing your network. When you’re transitioning from side hustle to true small business, you’re going to need to lean on people, so keep building your network.
I love a side hustle but if you’re ready for more, you know. Make sure you set your self up for success in the beginning. The truth is, there’s never been a better time to level up.
